PART 4Finance
CHAPTER 2Investment, financial services and financial markets
Designated persons: closure of representative officesI1I223
1
This regulation applies to a designated person which is not an individual, and which has a representative office in the United Kingdom.
2
If the person was a designated person immediately before the relevant date, the person must close the office immediately.
3
If the person was not a designated person immediately before the relevant date, the person must close the office within the period of 90 days beginning with the date on which the person became a designated person.
4
Paragraphs (2) and (3) are subject to Part 9 (Exceptions and licences).
5
A person who fails to comply with a requirement in paragraph (2) and (3)commits an offence.
6
In this regulation, “the relevant date” means—
a
where regulations under section 56 of the Act provide that this regulation comes into force at a specified time on a day, that time on that day;
b
otherwise, the date on which this regulation comes into force.